The Duterte administration is focused on stepping up measures to make the Philippines a magnet for foreign direct investments (FDIs) as the linchpin of its 10-point socioeconomic agenda to sustain the country’s high economic growth, reduce poverty, create quality jobs and restore peace to our communities, Finance Department spokesperson Paola Alvarez today said.

Alvarez issued this statement as she dismissed as initial market jitters the reaction of the stock market on the first business day after the Sept. 2 Davao bombing, adding that bourse trading is expected to normalize soon enough following the business community’s positive response to the decisive measures taken by the Duterte administration to maintain peace and order following last Friday’s apparent terrorist attack.

“We can expect initial market jitters after such an incident,” said Alvarez, “but what is important is that Davao is back to normal and that the stock market will soon enough return to its vibrant trading, more so now that the business community has already expressed its support for the decisive measures that President Duterte has taken to maintain peace and order immediately after last Friday’s night market attack.”

Leaders of various business groups—among them the Philippine Chamber of Commerce and Industry (PCCI), International Chamber of Commercè of the Philippines (ICCP), Philippine Exporters Confederation, Inc. (PhilExport) and Management Association of the Philippines (MAP)—have already given their backing to the actions thus far taken by the Duterte administration in response to the Davao City bombing.

Mr. Duterte has declared a state of lawlessness to enable the military to assist the Philippine National Police (PNP) in suppressing lawless violence following the Sept. 2 attack.

“That the President has gone ahead with his Laos trip for the Sept. 6-8 ASEAN (Association of Southeast Asian Nations) Summit and named Executive Secretary Salvador Medialdea as government caretaker while he was overseas is proof enough that Mr. Duterte is on top of the situation,” Alvarez said.

“With President Duterte’s swift declaration of a state of lawlessness, the PNP, with the assistance of the Armed Forces, is expected to apprehend those responsible for the Sept. 2 attack in Davao,” said Alvarez, who—like the President and Finance Secretary Carlos Dominguez III, comes from that city.

Last weekend, Dominguez expressed confidence that the police and military under the President’s decisive leadership would bring the culprits to justice and ensure peace and order in the entire country.

In his weekend statement, Dominguez said: “I am deeply saddened by this bombing and strongly condemn what can only be described as an act of terror. We extend our deepest condolences to my fellow Davaoenos who lost their loved ones in this tragedy.”

“We are confident that our security forces under the leadership of President Duterte as Commander-in-Chief will be able to bring the culprits to justice, swiftly restore peace and order to the nation and guarantee the safety of the public,” he added.

Alvarez pointed out that among the measures being taken by the Duterte administration to strengthen investor confidence in the economy and attract more investments are the proposed reforms in tax policy that the Department of Finance (DOF) is now finetuning, which include, among others lowering corporate income taxes to make the Philippines far more competitive than our Southeast Asian neighbors as an FDI hub.

“The new administration is clearly on the right track in pursuing these reforms as reflected by the positive pronouncements and bullish business outlook of foreign and local investors on the economy since President Duterte took over two months ago,” Alvarez said.

“It is pushing without any distraction its 10-point socioeconomic agenda to attract more investments, sustain growth and ensure that its benefits are felt by our countrymen,” Alvarez said.

She said fluctuations in the stock market are nothing new, which is why the government is focusing instead on building on the strong macroeconomic fundamentals put in place by the past administrations by pursuing such reforms as a comprehensive tax reform plan that will put more money in our people’s pockets and level the playing field of business.

“The tax reform package that we have presented to Congress is designed to attract FDIs, which are long-term commitments. These FDIs, will, in turn, spur growth and create more–and quality–jobs, especially in the countryside,” Alvarez said.

Alvarez corrected misconceptions that the government is hostile against the mining sector, pointing out that President Duterte has always been consistent in his pronouncements about the need for responsible mining in order to protect the environment while allowing the industry to flourish.

“The Department of Environment and Natural Resources is focusing its efforts on illegal mining, which utilize unacceptable industry methods and destroy the environment,” she said.

Hence, there is no Malacanang move whatsoever to run after legitimate practices that do not run afoul of our laws, she said